Every state has its own laws governing real estate licensing; there is no national license. In Indiana, agents are required to successfully complete 54 hours of instruction at an accredited school and to pass a licensing exam. They must also complete 16 credits of continuing education every two years in order to maintain their licenses. In addition, any agent who identifies him- or herself as a REALTOR® has affiliated with the National Association of REALTORS® and has pledged to adhere to their code of ethics and professional standards. All sales associates with the F. C. Tucker Company are REALTORS®.With two years of selling experience, agents may return to school, pass another class and exam, and become licensed as real estate brokers. At this point they can go into business for themselves if they choose.
Real estate agents must affiliate with a broker before they can conduct real estate transactions. They operate on behalf of the broker, and he/she is legally responsible for their professional conduct. Any listings an agent has legally belong to the broker.
Who Do REALTORS® Represent?
The answer to this question used to be somewhat complex, but in recent years, the laws have been simplified. Now, agents working with a buyer represent the interests of the buyer and those working with a seller represent the interests of the seller. In practical terms, this means that whether you are a buyer or seller, your agent is now required to:
- Exercise reasonable skill and care in performing their duties
- Deal with you as a client honestly and fairly
- Disclose all facts which are known to the agent (or may be reasonably discovered) that affect the value or desirability of any property you are considering.
- The only exception to this law is when a buyer wants to buy a home listed by his/her own agent-or by an agent affiliated with the same broker (since the listings legally belong to the broker). In this situation, the agent becomes a "limited agent," representing the interests of both parties. This limited agency must be disclosed, and both the buyer and the seller must give their consent in writing for the transaction to move forward.
